A consortium of major retailers backing a mobile payments effort has appointed a new chief executive a day after member Best Buy announced it would support a competing system created by Apple. Merchant Customer Exchange (MCX) announced Tuesday that Dekkers Davidson was leaving the group "to pursue other opportunities." Davidson, who had served as MCX's chief since 2013, will be replaced on an interim basis by Brian Mooney, a former CEO of Bank of America Merchant Services.
Apple just revealed a huge boost for its mobile payment offerings from retailer Best Buy. On an earnings conference call late Monday, Apple CEO Tim Cook said Best Buy would begin accepting payments via Apple Pay on Best Buy's iPhone app now, and in Best Buy's physical stores later in the year. Apple Pay, the service that lets folks pay for goods with the iPhone or the new Apple Watch, has struggled to add high-profile retailers since its launch in September with Whole Foods, McDonald's, Subway, Panera Bread and others.
Best Buy announced Saturday that it's consolidating its Canadian division. Its namesake brand and the Future Shop locations it acquired in 2001 will now all function under the Best Buy name. Currently a large number of Future Shop and Best Buys are positioned side by side. As a result, 66 Future Shop locations are being shut down for good. The other 65 Future Shop locations will be shuttered for one week to complete the transition. Once they reopen, Best Buy will have 192 locations in Canada.
If your company's brick-and-mortar budget is a source of frustration, it's probably because there are several items devouring resources without moving your bottom line. Focusing more of your precious resources on these five areas will help sales by keeping you relevant and desirable:
Retail Online Integration's fifth annual list of the leading women executives in omnichannel retail features some of the brightest minds in the industry. This year's nominees were chosen for being in a top-level position within an omnichannel retail organization, along with several other criteria, including their scope of responsibility, achievements within their own companies, and their involvement within the retail industry. Take advantage of this opportunity to learn about the career paths of some of today's leading retail experts, as well as find out what they believe will be the top tip for omnichannel retail success in 2015.
Any small business working with a limited budget or staff knows the challenges that come with gaining traffic, traction and sales. Unlike retail giants that can drop millions on advertising and marketing initiatives, smaller e-tailers need to be crafty and use inexpensive (or even free) tools to connect with consumers. Here are three tips on how to accomplish that:
Best Buy said yesterday it would open a technology development center in Seattle, taking the top floor of the Seattle Times Building. Set to begin operations in late spring, the office will employ more than 50 engineers, product managers, web architects and developers in the next year and is expected to expand to more than 100 e-commerce professionals over time. Best Buy looked at several cities before settling on Seattle because of its technology base, talent, cloud engineering and e-commerce strengths.
Best Buy wants to be that something blue in your wedding. The Richfield, Minn.-based electronics retailer is leaping into the lucrative wedding industry by launching its first gift registry, catching up to couples whose lives at home center around multimedia family rooms instead of dining rooms filled with the traditional bounty of crystal and china. Wedding registry kiosks, in the company's signature blue color, will begin rolling out to stores next month. Best Buy already quietly added a registry page to its website earlier this year and its mobile app will be updated with it next week.
In the final stretch of the holiday season, big retailers are battling for the attention of the social shopper. This year, social engagement for the retail industry increased an average 96%, trending slightly lower than the average 110% growth for all U.S. brands. However, not all platforms are created equal when it comes to the social shopper: Facebook has declined by 25% across all retail brands, Twitter has spiked by 291%, and Instagram has grown by 190%.
Dynamic pricing is a topic that's been getting a lot of attention lately. It's come a long way since it publicly debuted in the airline industry in the 1980s. Now we're used to seeing it across many different industries. From Uber to Amazon.com, many businesses are putting their own spin on dynamic pricing. But what is it exactly? To put it simply, it's a flexible pricing strategy in which businesses alter their pricing based on a number of factors, both internal and external.